Country spends over $17b on food, oil products import in 11 months

islamabad - Pakistan had spent more than $17 billion on importing food commodities and oil during eleventh months (July-May) of the previous year 2013-2014, an amount that is far more than country’s foreign exchange reserves.The figures of Pakistan Bureau of Statistics (PBS) showed that country had spent $17.154 billion on importing food and petroleum products in July-May of the fiscal year 2013-2014, which was $17.67 billion of the corresponding period of its preceding year. The break-up of $17.154 billion showed that country imported food commodities worth of $3.75 billion in July-May 2013-2014 against $3.93 billion of July-May 2012-2013 reflecting a decline of 4.48 per cent. Meanwhile, the country had imported petroleum products worth of $13.4 billion in July-May 2013-2014 as compared to $13.74 billion of the corresponding period of its preceding year. The country had spent more than its reserves on importing commodities relating to oil and food every year, as it spent over $17 billion during eleventh months of the previous year and its reserves are around $14 billion.Meanwhile, the country had imported machinery worth of $5.76 billion, transport $1.98 billion, textile $2.467 billion, agricultural and other chemicals, $6.113 billion, miscellaneous $808 million and other imports stood at 3.743 billion during eleventh months (July-May) of the previous year 2013-2014. According to the PBS figures, Pakistan’s import bill stood at $40.78 billion during eleventh months (July-May) of the previous year 2013-2014, which $41 billion in the same period of previous year showing a decline of 0.57 per cent. Meanwhile, the country’s exports had recorded at $23.112 billion during July-May 2013-2014 that were $22.286 billion in same period of previous year showing an increase of 3.71 per cent. Therefore, the country’s trade deficit had recorded at $17.665 billion in the aforesaid period, which $18.725 billion in its corresponding period of last year, registering a decrease of 5.66 per cent.